There are many special circumstances that are in place when a person makes his or her will, especially when it comes down to what others may receive from them. One thing that should be kept in mind is Law of Inheritance, which typically describes the rights a person has when it comes to property of a spouse or relative who has passed away. They vary from area to area, but these laws sometimes operate when the deceased doesn’t even have a will.
When it comes to the relation to the deceased, if you are related by blood or marriage, then most laws will cover how you will receive your inheritance and when. However, if you are listed in the deceased will then you will receive whatever has been left to you.
If you are a spouse of someone who has recently passed away, then there are a few things that might happen. It will depend on whether a will is involved, whether your state follows either community property or common law property rules, or if you and your spouse have been divorced. In a community property state, the spouse gets half of the marital property that is obtained during the marriage. In common law, inheritance is determined by ownership of the property based on titles.
Many are concerned however when it comes to their children- what will they receive? If you have created a will or a separate trust, then they will receive whatever you put in it. The inheritance otherwise, however, does not always automatically include children. They may be entitled to a portion, but it does not always go right to them. It may go to the surviving spouse first. If a will is left, inheritance laws might also include more distance relatives, such as nieces and nephews.
It makes sense to have questions about how your family will receive their inheritance. Give First Anguilla Trust a call today and understand just how your family could be affected.
Even after you have taken all the correct steps you needed in order to set up your will and trusts, you might still be concerned that your wishes will not be carried out the way you want them to be.
Even if you have someone who you know and trust, there are certain circumstances that could get in the way. You could find that they are not as trustworthy as you thought, they could pass away, or the laws surrounding estates may change. What you need is a third party that could be known as a trust protector.
With the laws constantly changing and evolving, you want to make sure that you are able to pass on your valuables and assets to whomever you choose. Once you have set them up, you can’t change them. However, a trust protector could tweak them for you so that they would keep in accordance with new laws.
Not only this, but if there was a dispute over anything in the trust, then the trust protector could make changes without having to go to court. On your behalf, the trust protector could change your trust to maximize tax benefits along with other important decisions, depending on the changes that need to be made.
Within the trust however, you would need to outline exactly what a trust protector would and would not be allowed to do.
It would be a smart move to appoint a third person party to handle protecting your trusts and making sure that your wishes are granted. Contact First Anguilla Trust today.
To understand what an offshore trust is, first you need to understand what an onshore trust is.
An onshore trust is basically an account. In this account, a settler places assets or property. Then the trustee holds onto this property for the beneficiaries of this trust. Onshore trusts can be heavily scrutinized and looked after; this is what makes an offshore trust so appealing.
An offshore trust refers to a trust that is located in a different place then where the settler resides. When assets or property is placed outside the locale of a person they easier for the settler to have it looked after. Offshore trusts have the distinct advantage of having different rules to follow. You want to be able to leave your family the things you want them to have and make sure they are doing what you want with them. Trusts are set up to do just that; respect your wishes.
If you have a specific amount of cash set aside for your grandchild’s college funds you may want to make sure they spend the money on college and not on something else. To do this, you would set up an offshore trust fund, naming them as beneficiaries at the time of their high school graduation. You would make sure the legal wording is iron clad so they could not pull a fast one on you. Trusts are all about protecting your assets and ensuring that your hard-earned resources accomplish the outcomes you desire.